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WEDNESDAY, NOVEMBER 13, 1991
THE
AND
"HONG KONG'S STRATEGIC LOCATION AND EFFICIENT INFRASTRUCTURE, INDUSTRY, INGENUITY AND ENTREPRENEURIAL SPIRIT OF OUR PEOPLE OUR ECONOMIC SYSTEM BASED ON FREE AND PRIVATE ENTERPRISE DIRECTED MARKET FORCES HAVE ENABLED US TO MAKE AN IMPORTANT CONTRIBUTION THIS GROWTH,' MR CHAU SAID.
BY
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TO
HE POINTED OUT THAT HONG KONG IS WELL PLACED TO CONTRIBUTE THE APEC PROCESS AS IT IS A MAJOR BUSINESS, FINANCIAL, TELECOMMUNICATIONS AND TRANSPORTATION HUB IN ASIA PACIFIC.
MR CHAU STRESSED THAT HONG KONG IS AT PRESENT VESTED WITH FULL AUTONOMY IN THE CONDUCT OF ITS EXTERNAL COMMERCIAL RELATIONS.
"THE SINO-BRITISH JOINT DECLARATION ON THE FUTURE OF HONG KONG GUARANTEES THE MAINTENANCE OF HONG KONG'S EXISTING CAPITALIST SYSTEM FOR 50 YEARS AFTER 1997.
"IT ALSO PROVIDES THAT THE HONG HONG SPECIAL ADMINISTRATIVE REGION GOVERNMENT SHALL DECIDE ITS ECONOMIC AND TRADE POLICIES ON ITS OWN.
"HONG KONG WILL RETAIN THE STATUS OF A FREE PORT AND WILL MAINTAIN A FREE TRADE POLICY, INCLUDING THE FREE MOVEMENT OF GOODS AND CAPITAL, MR CHAU SAID.
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"WE SHALL CONTINUE TO BE A SEPARATE CUSTOMS TERRITORY AND A MEMBERS OF THE GATT. AFTER 1997, THE HONG KONG SPECIAL ADMINISTRATIVE REGION WILL, ON ITS OWN AND USING THE NAME 'HONG KONG, CHINA' 1 CONTINUE TO PARTICIPATE IN APEC MEETINGS AND ACTIVITIES AS A SEPARATE ECONOMY ENTITY, HE SAID.
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TURNING TO THE WORK OF APEC'S AD HOC ECONOMIC GROUP, HE SAID THE GROUP HAS IDENTIFIED A NUMBER OF ISSUES OF COMMON AND ONGOING CONCERN.
"HONG KONG SHARES MANY OF THESE CONCERNS, INCLUDING THE IMPORTANCE OF SUSTAINING NON-INFLATIONARY GROWTH, TACKLING THE LABOUR AND SHORTAGE PROBLEM, STRUCTURAL ADJUSTMENT, ECONOMIC DIVERSIFICATION THE SUCCESSFUL CONCLUSION OF THE URUGUAY ROUND, HE SAID.
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MR CHAU SAID HONG KONG'S EXPERIENCE HAS BEEN THAT WHILE RAPID STRUCTURAL CHANGE AND DIVERSIFICATION OF ACTIVITIES PROVIDE A POWERFUL IMPETUS TO OVERALL ECONOMIC GROWTH, THIS COULD OFTEN BE ACCOMPANIED BY INFLATION.
"UNDERLYING THE INFLATION PRESSURE IS THE PROBLEM OF THE SHORTAGE AND MISMATCH OF RESOURCES.
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"LABOUR SHORTAGE IS OF PARTICULAR RELEVANCE TO HONG THIS TIME. WE ARE PURSUING MEASURES TO TACKLE THIS PROBLEM, HE SAID.
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EFFECT IN
"WE HOPE THAT THOSE MEASURES WILL HAVE A POSITIVE ALLEVIATING INFLATION AND REDUCING CONSTRAINTS ON GROWTH, HE SAID.
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